Never say "Flip"? - Posted by Mike

Posted by Tim Fierro (Tacoma, WA) on February 08, 2002 at 21:50:50:

Sit down with him. You will find out if he is rehabbing your way; or only interested in his way. A discussion with him may be a good thing for you.

Never say “Flip”? - Posted by Mike

Posted by Mike on February 08, 2002 at 17:06:48:

Hi everybody!

I’m new at this but am working on getting my “team” together. So far, I’ve talked to a couple financial hard-money lenders that are happy to look at funding rehabilitation projects, and now tried contacting a few realtors, hoping to get leads on some potential rehabs or foreclosures.

One of these realtors had an interesting reaction. When I told him that I was interested in finding some properties to either flip or rehab myself, his first reaction was, “Ok, first off, please don’t ever say ‘flip’. It’s kind of an ‘illegal’ term to use in our industry and is severely frowned upon.”

Now although he wasn’t saying that flipping was illegal, he seemed alarmed that I even used such a word. He also told me that he had personally done rehabbing for about 14 years and wants to sit down and talk to me to find out if I?m really the person to be doing this. Of course, he said not to take that defensively, but he just wants to make sure that ?I would be the right kind of person to get into this.?

I?m not sure what all that means, but I?m wondering if I should bother with this realtor (who claims over a decade of experience in rehabs) or if any of you have run into this disfavor with the term ?flipping?.

By the way, of course this one phone call is not going to dampen my spirits or send me away looking for a slave-wage life, but if anyone knows the best way to break through this glass ceiling with realtors, please let me know. I?m going to do this stuff one way or another, but if I?m going to do it, I want to do it right.

Any help would be much appreciated. Thanks again and have a great day!

~~ Mike ~~

Re: Never say “Flip”? - Posted by C.H.

Posted by C.H. on March 20, 2002 at 03:32:12:

Since I’m in the same boat as our friend Mike, I’d like to ask a question to those who avoid using the terms “flip” and “investor.” What terms are used in their place? Is there standard, more respectable, lingo?

Sounds like a good agent… - Posted by eric-fl

Posted by eric-fl on February 10, 2002 at 19:49:13:

Speaking as an investor with a license, I’d definitely try to get this guy on your “team”. I’d have told you the same thing - don’t say “flip”. Here’s another bad word, when dealing with real estate agents, title agents, attorneys, and loan officers - “investor”. Anytime someone walks into one of these folks offices and starts sounding like a Carleton Sheets infomercial, you are branding yourself as a newbie. From your post, it sounds like this Realtor knew that, but was willing to work with you anyway, if you have the right mindset and qualifications. What more could you want? Especially if the guy is willing to spend time with you and give you guidance. I’d offer to take him to lunch, and see if you can persuade him to drive you by a few of the houses he’s rehabbed - rehabbers love to brag. Plus, it helps you flesh out if he’s for real or not, will flatter him, start off your business relationship, and probably net you the equivalent of a free seminar’s worth of information. If I were you.

Re: Never say “Flip”? - Posted by Kevin

Posted by Kevin on February 09, 2002 at 10:42:51:

Don’t waste your time with this guy. He’s already given you a reason not to work with him–namely, his skepticism about what you’re planning to do and your ability to do it. The last thing you want is a realtor deciding FOR YOU what deals you’re capable of doing. I wouldn’t deal with anyone so condescending and negative. You need to find a realtor who respects what you’re doing and is willing to help, not discourage. I wouldn’t trust him either. If he’s working with other investors/rehabbers, you’d probably be his last call on a new potential deal because of your inexperience.

Keep calling around…

Re: Never say “Flip”? - Posted by Marcos

Posted by Marcos on February 09, 2002 at 08:17:57:

I agree with what Tim and some of the others have said. Sit down with him. Find out if you can do business with him. As much as everyone here seems to discourage dealing with Realtors, a good Realtor can bring you dozens of deals a year. An excellent Realtor can be worth their weight in gold.

Marcos

Re: Never say “Flip”? - Posted by JamesL (ohio)

Posted by JamesL (ohio) on February 09, 2002 at 24:44:11:

Don’t deal with that realtor. Call 10 more, and you’ll know who you are comfortable speaking with.

Re: Never say “Flip”? - Posted by JoeS

Posted by JoeS on February 08, 2002 at 22:54:02:

I do not like the term “flip” either.

Re: Never say “Flip”? - Posted by Richie

Posted by Richie on February 08, 2002 at 22:47:22:

How do you see this as a Damper to your spirits? The guy obviously sees that you’re a novice, and he’s trying to help you and direct you on what you’ll need to do first. What makes YOU think that he wants to waste his time searching and showing houses for someone that isn’t ever going to bring him a commission? Just like you would like to profit from Real Estate,so would he. By the way, I am not an agent, or affiliated with one.:slight_smile: